Brexit Jitters Hit the Stalled Housing Market

The government’s own declared target is to build 300 000 new homes a year – but instead of building more, the number of new housing starts is down on last year. The number of new homes registered by housebuilders with the National House Building Council (NHBC), representing 80% of the national total, was just 159 617: not much more than half the annual target.

Brexit jitters hit London housing market as newbuilds decline sharply

Housebuilding in the UK was down slightly in 2018 on the 2017 figure, from 160,396 to 159,617. Photograph: Joe Giddens/PA

Housebuilding declined sharply in London and the Midlands last year as political and economic uncertainty around the shape of Brexit hit the housing market, according to industry figures.

The number of new homes in London registered by housebuilders with the National House Building Council (NHBC) in 2018 fell 10% from the previous year to 16,069, the biggest annual drop since 2016. In the east Midlands and West Midlands, registrations were also down 10%, to 13,447 and 13,087 respectively following two strong years.